Global Polyamide Market to Reach $50 Billion by 2028: Rising Demand for Polyamide as a Substitute for Metals to Reduce Weight is Boosting Demand

DUBLIN, April 6, 2023 /PRNewswire/ -- The "Global Polyamide Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Application, and Region" report has been added to ResearchAndMarkets.com's offering.

According to this analysis, the global polyamide market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach ~US$ 50 billion by 2028.

Key Players

• Honeywell International Inc
• BASF SE
• Evonik Industries AG
• DuPont de Nemours Inc
• Teijin Limited
• LANXESS AG
• Invista
• Solvay SA
• Koninklijke DSM NV
• Domo Chemicals GmbH
• Mitsubishi Chemical Holdings

The rising demand for polyamide as a substitute for metals to reduce weight is boosting the demand for polyamide in various end-user industries like electronics & electrical, automotive, consumer goods & appliances, and various other sectors.

The global polyamide market is largely driven by an increase in demand from the construction and coating industries, growing demand from other end-use industries, and the waterproof characteristics of polyamide.

Polyamide is being increasingly adopted in different industries for its waterproof nature and ability to withstand moisture. Waterproof polyamide textiles are being used by several industries to create various goods. Due to its waterproof qualities, it is frequently used to produce athletic and outdoor clothes.

During the projected period, increasing demand for sports apparel, home textile materials, ropes, narrow woven materials, swimsuits, backpacks, and hiking apparel is anticipated to fuel the demand for polyamides.

Increasing demand for substitute products and volatile raw material prices limits the market growth.

The increasing threat from substitute products like polypropylene and polyvinylidene fluoride (PVDF), is anticipated to slow the rate of expansion of the global polyamide market. When compared to its counterpart, PVDF is a non-reactive thermoplastic that possesses finer qualities.

Conversely, polyamide has a lesser degree of elasticity, a higher degree of wear resistance, a tougher surface, and a higher degree of UV resistance. In contrast, polypropylene is easier to handle and has higher elasticity, tensile strength, and smoothness, along with a lower elongation percentage. In recent years, PVF is significantly being used as a replacement for polyamide fishing lines.

Due to supply chain disruptions and nationwide lockdowns, the COVID-19 pandemic hindered the growth of the worldwide polyamide market. As production prices increased as fewer workforces were employed as a result of the pandemic and expanding limitations on the general population, demand for PA6 and PA66 decreased. The consumer goods industries were impacted by a fragmented transportation industry due to a significant demand-supply cycle.

However, with time, businesses started investing in developing regions, changing the market's competitive landscape, and investments were made in the R&D divisions to enhance the product line.

Scope of the Report

The Polyamide Market is segmented by product and application. In addition, the report also covers market size and forecasts for the four major regions' polyamide market. The revenue used to size and forecast the market for each segment is US$ billion.

By Product

• Polyamide 6
• Polyamide 66
• Bio-based Polyamide
• Specialty Polyamide
• Others

By Application

• Engineering
• Plastics
• Textiles
• Electronics and Electrical
• Sports Equipment
• Automotive
• Consumer Goods & Appliances
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• AustraliaRest of Asia Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Trends by Market Segment

By Product: The Polyamide 6 product segment held the largest share of the Global Polyamide Market in 2021

PA 6's special qualities make it a suitable product substitution for materials like bronze, gunmetal, steel, brass, aluminum, and plastics, among others. The producers of electrical protection devices are promoting segmental expansion

During the projection period, the demand for polyamide 6 is also estimated to rise as a result of the incorporation of PA 6 for its tensile strength. It is adopted in the premium carpet industry, fishing nets, and travel accessories. To make automobiles lighter and more fuel-efficient, polyamide is used to replace metal parts.

By Application: Automotive application segment held the largest market share in the Global Polyamide Market in 2021.

The increased use of polyamide in place of metal in the automobile industry to create the interior, structural, and technical parts of vehicles can be attributed to the growing demand for polyamide in the industry.

The production of cooling systems, rock valve covers, air intake manifolds, airbag canisters, and structural elements made of glass-reinforced plastic based on polyamides is a significant driver driving the market's expansion.

By Geography: The Asia Pacific accounted for the largest market share in 2021 within the total Global Polyamide Market.

The automotive sector has rapidly expanded in recent years, particularly in the Asia Pacific region. The sector has grown as a result of changing socioeconomic patterns.

Major corporations are moving their developed bases to nations like India, China, and Indonesia due to the availability of cheap labor, beneficial regulations, and government efforts to give attractive FDI legislation.

Frequently Asked Questions

What is the Study Period of this Market Report?

• The Global Polyamide Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028

What is the Future Growth Rate of the Global Polyamide Market?

• The Global Polyamide Market is expected to witness a CAGR of ~6% over the next six years

What are the Key Factors Driving the Global Polyamide Market?

• The rise in the adoption of polyamide in various industries like automotive, textile, electronics and electrical, etc., is expected to drive this market

Which is the Largest Product Segment within the Global Polyamide Market?

• The polyamide 6 product segment held the largest share of the Global Polyamide Market in 2021

Who are the Key Players in Global Polyamide Market?

• Honeywell International Inc., BASF SE, Evonik Industries AG, DuPont de Nemours Inc., Teijin Limited, LANXESS AG, Invista, Formosa Plastics Group, Koninklijke DSM NV, Domo Chemicals GmbH, Mitsubishi Chemical Holdings, among others are the major companies operating in Global Polyamide Market.

For more information about this report visit https://www.researchandmarkets.com/r/pmgpqo

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